As more and more providers enter the Prepaid Card Market, it has become increasingly harder for consumers to navigate. To keep the public aware and provide an additional layer of protection, the Consumer Financial Protection Bureau (CFPB) introduced a new set of rules to create comprehensive consumer protections for prepaid accounts on April 1, 2019.
Monitoring Your Prepaid Card
Under the new rule, the CFPB has made it easier for consumers to be able to monitor their prepaid card, for free, in the same way they would monitor a debit card. This ensures prepaid cards are as safe as debit cards at their time of use, so consumers can spend without any worries.
Protection for Your Prepaid Card Funds
Through this ruling, a card holder’s money will generally be protected if their card is lost, stolen, or wrongly charged. It’s important consumers know who they need to reach in case any of the above happens so they can take care of it straight away.
Clear Information on Prepaid Cards
One of the most anticipated changes to come along with these new rules is the now issuer-mandatory disclosure of all fees in a clear, up-front and easy-to-find manner so consumers can know before they owe and shop around for the best deal based on their needs.